As part of the move, the Department of Energy will make available 50 million barrels of oil to lower prices and address the mismatch between consumer demand and supply amid the pandemic, the White House said.
The action, which has been in the works for several weeks, comes amid growing concern within the White House about inflation as prices rise on everything from fuel to Thanksgiving turkeys. The release of the oil reserves should quickly translate into lower prices at the pump, and officials will be watching to make sure energy companies are passing along lower oil prices to consumers, a senior administration official said Tuesday.
The decision was made jointly with other major energy consuming countries — including India, Japan and South Korea — to curb increasing energy prices after oil-rich nations rejected repeated calls to increase production as the global economy rebounds from the pandemic and fuel demands rise. While the use of the nation's oil stockpile typically reserved for emergencies, the administration has broad authority to conduct oil exchanges — releases that are repaid to the stockpile — and is partly relying on a previously authorized release, the official said. Of the 50 million barrels, 32 million will eventually be returned to the Strategic Petroleum Reserve on the assumption that prices go down in the future, and 18 million will come from a sale already approved by Congress.
Not moving fast enough. The savings at the pump wont show up for a while.
MORE LIKE 38 MILLION BARRELS. 2 DAYS WORTH. LIKE THAT WILL DO ANY DAMN THING
Putting a Band Aid on a Heart Attack !!
From statista : In 2020, the United States consumed approximately 20.54 million barrels of oil daily. 50 million barrels is like spitting into a hurricane
How much will it cost to refill the reserves?
I read that America will only get about 32 million gallons, the rest is being sold to China and others!
POTUS lol shut down pipelines… open up the reserves
That’s not even 3 days worth
Not one damn thing Biden has done has improved Americans way of life...in fact just the opposite. FakeNews
He is the, 'how many'eth' president to do this? Hey Joe, how about not creating the problem to begin with? The stuff you cancelled because it was Trump's.... was working because he understood things you cannot comprehend!
That’s like digging a hole to fill a hole. Reinstate the Keystone Pipeline.
The US uses 18 million barrels a day. 50 million will cover you till Sunday afternoon. Add to which if a war/disaster happens and the reserves are used up what happens then?
The rates are dependent on policy and markets, which include demand and supply. Releasing the strategic oil reserves for lowering the prices is laughable. 50m barrels are going to give temporary relief. Not the right solution.
In China, I cannot get justice for my father's death due to academic corruption caused by medical corruption, malfeasance in judicial, law enforcement agencies, government administrative departments and discipline inspection, and lack of conscience in media supervision.
This oil was reserved for emergencies not Polical purposes.
If they would just stop shutting down pipelines we would not have these issues at all.
That’s a start. Need to work on extending unemployment, evictions, and bring prices down. People are suffering. There is no reason why this can’t be done. You are the President of the United States.
I guess this is the result of having an elderly POTUS, slow to react to everything
JoeBiden should also stop the export of natural gas until prices stabilize.
lestes1242 Joe knows how to get things done, and he is surrounded by intelligent people who also know.